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Australia – HiTech Group revenue and profits up in H1 2019

11 February 2019

Australian recruitment and consulting company HiTech Group Australia (HIT: ASX) reported revenue today for the first half of 2019 of AUD 14.0 million (USD 9.9 million), an increase of 5.8% compared to the same period last year.

(AUD millions) H1 2019 H1 2018 Change H1 2019 (USD millions)
Revenue 14.0 13.2 5.8% 9.9
Gross Profit 2.6 2.0 26.9% 1.8
EBITDA 1.7 1.5 12.5% 1.2
Net Profit After Tax 1.2 1.0 16.0% 0.8

The group said its record improvement in its result was primarily due to winning new business and stronger contracting numbers.

“HiTech remains fully prepared to take advantage of the strong demand for Information Communications Technology specialist talent and potential growth of the Australian economy,” the company stated.

“We are working towards winning new business and capitalising on our economies of scale. HiTech has a proven business model that has evolved over the past 26 years. Our major revenue is still generated from our core ICT recruitment business and we remain active in non-ICT areas of recruitment.”

CEO Elias Hazouri, commented, “We are very pleased to have delivered another record first half year result. Strong demand for skilled talent has meant we have had to work even smarter to achieve the desired outcomes for our valued clients. We have successfully delivered on our promise to be an efficient and effective solution partner to our clients and skilled talent pool.”

Looking ahead the company stated “Our steady growth is expected to continue in the second half and beyond. The outlook for the full year 2019 is positive with increased revenue and profit results expected commensurate with the first half results, depending, primarily, on the prevailing economic conditions continuing during that time.”

Hitech Group Australia Ltd shares closed at AUD 1.06 (USD 0.75), up 1.92% on the day and 11.67% below its 52-week high of AUD 1.20 (USD 0.85), set on 17 August 2018. Based on its current share price the company has a market value of AUD 39.57 million (USD 28.05 million).

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